Sign in

    Thomas Stevens

    Senior Analyst at TD Cowen

    Thomas Stevens is a Senior Analyst at TD Cowen, specializing in life sciences and bioproduction tools, with analytical expertise in monoclonal antibody (mAb) production, CDMO mix, and cell and gene therapies. He covers leading bioproduction equipment and solution providers, leveraging proprietary surveys to track growth metrics such as a projected 7%-8% market expansion in mAb tools and key trends in the sector. Stevens began contributing to Cowen's research efforts in early 2020 after previous roles in industry and equity research, and has played an integral role in producing high-impact sector reports and quantitative market analyses. He holds FINRA Series 7 and 63 registrations, underscoring his professional credentials in securities analysis and client advisory.

    Thomas Stevens's questions to Adaptive Biotechnologies (ADPT) leadership

    Thomas Stevens's questions to Adaptive Biotechnologies (ADPT) leadership • Q1 2025

    Question

    Thomas Stevens from TD Cowen asked about the expected contribution from mantle cell lymphoma (MCL), the mix of new versus repeat patient tests, the outlook for gross margins, and the rationale for not reducing the cash burn guidance further.

    Answer

    Executive Susan Bobulsky noted MCL contributed 5% of volume and could reach high single-digits, with about 30% of total tests being new patient IDs. CFO Kyle Piskel confirmed the NovaSeq X transition is on track for 2H, expecting a 5-8 point margin lift. He cited prudence and the timing of new initiatives as the reason for not lowering the cash burn guidance more aggressively despite the Q1 beat.

    Ask Fintool Equity Research AI